The Business Resilience Series is a community initiative to provide business owners with access to experts and accurate information as they navigate the challenge of the COVID-19 crisis. Community partners include Ascent Strategy, Economic Development Regina, Regina's Warehouse Business Improvement District, the Regina Downtown Business Improvement District, and Path Cowork.
Each session in the series will feature a brief presentation on new developments relevant to business owners, followed by a moderated panel discussion with experts that can answer your questions. The series is free, and everyone involved is volunteering their time and contributing their own resources to make it happen.
The first webinar panel this week featured:
- Jeffrey Boutilier, President Ascent
- Mitch Molnar, CEO Mitchell Developments Ltd
- Craig Reed, Partner Virtus Group
- Rick Smith, Senior VP Henderson Insurance Inc.
- Cary Wessel, Associate Gerrand Rath Johnson LLP
- Eric Sirrs, Senior VP MNP
Here's what was discussed in this webinar.
Available Business Supports
Lead by moderator Jeff Boutillier, the panel broke down some of the specifics for many of the federal relief measures that have been announced, including the Canada Emergency Business Account and the Emergency Wage Subsidy. Of note, panelists discussed the difference between the 75% Emergency Wage Subsidy (many details of which remain unclear) and the existing 10% wage subsidy, which qualifying businesses facing revenue loss can apply for immediately.
For more information, watch this section of the webinar (6:18 – 28:13) or visit EDR’s Covid-19 Resource page.
Advice for Working with Commercial Landlords
Mitchell Developments CEO Mitch Molnar provided a number of recommendations for businesses that are concerned about paying their rent. Chief among these was the importance of timely and up-front communication with landlords, many of whom Mitch believes will be willing to work with business owners on arranging deferments or other options. Also discussed was the relevance of “force majeure” (or “Act of God”) clauses, depending on your specific lease.
For more information, watch this section of the webinar (32:30 – 46:50).
Question and Answer Discussion
During the second half of this webinar the panel brought a wealth of professional expertise to a variety of submitted questions, covering topics that included:
- Working with suppliers
- The bankruptcy process
- Adapting and pivoting your business
- Predictions on outcomes of the recovery phase
- Advice for managing your business remotely
Many of the questions discussed can also be found on the Government of Saskatchewan's COVID-19 Business Response Team Q&A Factsheet.
For more information watch the Q & A discussion (46:50 – 1:40:05).